DIB approves 12.5% cash dividend for 2011

Dubai: Dubai Islamic Bank (DIB) said the distribution of a 12.5 per cent cash dividend for 2011 was approved at its annual general meeting, with the concurrence of the Central Bank of the UAE.

During the meeting, the bank's 2011 financial results were also approved. DIB reported a net profit of Dh1.01 billion for the 12 months ending December 31, 2011.

In addition, the meeting reviewed the Fatwa and Sharia Supervisory Board Report, and reappointed Deloitte as the bank's external auditors.

Mohammad Ebrahim Al Shaibani, director-general of the Ruler's Court of Dubai and DIB chairman, said: "The strong financial results delivered by DIB in 2011 are testament to the bank's proven business model, robust liquidity position and stable funding base. We are pleased to be able to share our success in 2011 with our shareholders, and look forward to their continued support in 2012 as DIB maintains its prudent focus on diversification and managed growth."

In 2011, DIB continued with its ambitious plans to expand its physical presence across the UAE, opening seven new branches.